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Why was silver "really"removed from coins by the U.S. government in 1965?
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<p>[QUOTE="19Lyds, post: 2134346, member: 15929"]I like your reply but I don't see any mention of the fact that if silver pushed beyond $2.00 and ounce, then each coin the government produced would have more silver in it than its face value.</p><p><br /></p><p>Not only that, but the manufacturing uses of silver were really pushing its price up. Things such as film, transistor and integrated circuit manufacturing were HUGE consumers of silver!</p><p><br /></p><p>There really was no alternative except for the US to get in step with the rest of the world which no longer used silver in their coinage.</p><p><br /></p><p>Look at today. People find a "silver quarter" and they turn around and sell it for melt value and STILL walk away with a profit. Imagine of you could go to the Bank, get a roll of 90% Silver Quarters and for $10 then turn around and sell it on eBay for $100?</p><p><br /></p><p>THAT is what the Government was faced with and THAT is why a cheaper metal was used for coinage in 1965.[/QUOTE]</p><p><br /></p>
[QUOTE="19Lyds, post: 2134346, member: 15929"]I like your reply but I don't see any mention of the fact that if silver pushed beyond $2.00 and ounce, then each coin the government produced would have more silver in it than its face value. Not only that, but the manufacturing uses of silver were really pushing its price up. Things such as film, transistor and integrated circuit manufacturing were HUGE consumers of silver! There really was no alternative except for the US to get in step with the rest of the world which no longer used silver in their coinage. Look at today. People find a "silver quarter" and they turn around and sell it for melt value and STILL walk away with a profit. Imagine of you could go to the Bank, get a roll of 90% Silver Quarters and for $10 then turn around and sell it on eBay for $100? THAT is what the Government was faced with and THAT is why a cheaper metal was used for coinage in 1965.[/QUOTE]
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Why was silver "really"removed from coins by the U.S. government in 1965?
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